In preparation for the anticipated meeting to vote on the intended composition proposal, the Winding-up Board of LBI hf. (the “WuB”) strongly encourages creditors to submit all outstanding claim transfer requests to Epiq Systems, as soon as possible. The WuB has set a deadline of November 17, 2015 for the submission of any outstanding claim transfer requests in relation to the anticipated vote at the meeting. This deadline is necessary for the WuB to be able to finalise the claims register ahead of the composition voting meeting which is now expected to take place at some point on or after 23 November. The WUB will publish a formal notice convening the composition voting meeting at least 2 weeks prior to the proposed meeting date.
In order to facilitate the settlement of claim transfers, the WuB has implemented an Expedited Transfer Process to all pending and future claim transfer requests. The Expedited Transfer Process is a faster procedure than the established LBI hf. Transfer Process in that:
- Following receipt of a claim transfer request form, and after the Notice of Proposed Transfer has been issued, the objection period will effectively be eliminated
- For the elimination of the objection period to apply, both the transferor and the transferee must acknowledge receipt of the Notice of Proposed Transfer by e-mail and expressly state that they wish to waive the objection period
- The Notice of Successful Transfer will be issued once the later of the two email waivers is received
The 17 November deadline does not indicate a closing of the transfer register. The claim register will remain open and LBI will use reasonable endeavours to process any claim transfer requests received after November 17, 2015. However, the WuB cannot guarantee that any transfer requests submitted to Epiq Systems after November 17, 2015 will be completed before the composition voting meeting. Only holders of record at the date of the composition voting meeting will be entitled to vote on the composition proposal.